Boone state's bank crisis

[BoulderSooner79]

Maybe they can get a government bail-out

http://sports.espn.go.com/ncaa/news/story?id=3658664

[tommieharris91]

<goes to OP.com>

<finds this, still reading> (http://www.orangepower.com/showthread.php?t=59507&page=2)

Meanwhile, oil closed at $67.50 today and is expected to keep falling...

[RacerX]

at least they were able to force people out of their homes.

[bluedogok]

I guess his "Pickens Plan" rouse failed.......

[Partial Qualifier]

Oklahoma State University officials cheered when oil tycoon T. Boone Pickens gave a record-setting gift of $165 million to his alma mater two years ago for athletic programs and then invested it in his BP Capital hedge fund so that it would grow even more.

But now the fund has dropped so low amid the national economic downturn that university officials won't say how much is left and the fancy athletic village it was supposed to pay for has been put on hold.






......








BWHAHAHAHAHAHA!!1! :D

[Soonerus]

It's a shame after forcing those people out of their homes...

[setem]

HAHA Maybe they can call him Slim Pickens....not my joke!

[Collier11]

Thats what happens when you sell your soul (aka: future of athletic program) to one man

[Lott's Bandana]

I think it is sad and disturbing.

Now, bear with me here......

To me, this doesn't have to be about them and him. This is a story that plays out a thousand times in other sectors, in other investment arenas. Donations, endowments, charitable organizations riding an over-confident wave of green, only to see it all significantly adjust their operations in a mere blink of a season.

This is just an easy-to-understand example for the layman to follow and picture how this occurs in many other, less high-profile scenarios.

[BoulderSooner79]

This happened here at CU in Boulder a few years back. Bill Coleman of BEA committed $250M to the CU medical center as I remember and it was the largest individual university donation in history. But the gift was in BEA stock (and maybe options at that) and the value crashed when the internet bubble burst. I'm sure it is still a nice chunk of change, but a small fraction of the originally quoted value and the school had to postpone some big plans.

[Collier11]

I heard the CU prez rejected the gift which pissed off all the CU fans obviously

[StoopTroup]

They will probably make a few little tweaks and everything will be right back to normal.

http://www.grassrootsmodern.com/wp-content/uploads/2008/04/images-home-building.jpg

http://www.istockphoto.com/file_thumbview_approve/2134711/2/istockphoto_2134711_colorful_trailer_homes.jpg

[sooner59]

From what I heard...as far the $165 Million is concerned, they are still positive...barely. They still have a "little" more than the $165 Mil. that was promised. T. Boone said they were at a "critical point" right now. OSU may pull their money out of his hedge fund. That would symbolize T. Boone's reign over OSU as severely declining. Yeah, he gave the money and still has pull, but he almost lost what he promised. Haha, thats not gonna make aggy happy.

[rainiersooner]

I've got to say, from BP's point of view...I love the move: tax deductible donation that goes back into his fund from which he's making 2/20 in fees! This is brilliant stuff! Too bad he had to spend it on the Cowpukes.

[tommieharris91]

From what I heard...as far the $165 Million is concerned, they are still positive...barely. They still have a "little" more than the $165 Mil. that was promised. T. Boone said they were at a "critical point" right now. OSU may pull their money out of his hedge fund. That would symbolize T. Boone's reign over OSU as severely declining. Yeah, he gave the money and still has pull, but he almost lost what he promised. Haha, thats not gonna make aggy happy.

If they liquidate all of that his hedge fund will be worse off for it. I don't think pulling that much out will dent Pickens' fund too much, but he and his investors will feel it, no doubt.

[jwlynn64]

I have to say that the tone of this thread is a little disturbing. Why would anyone wish bad things on other schools or people.

There are probably a lot of individuals (not associated with OSU) that are losing their shirts is this crappy economic time. I guess we should probably laugh about that as well? :confused:

This whole line of rooting against the other guy and laughing at their misfortune is pretty aggieish IMO.

I guess that I just expect better of OUr fans. Like rooting for the Sooners, congratulating our opponents for their efforts (win or lose) and generally wishing well for everyone. I guess that I'm a little naive.

Thanks for doing OUr team proud here.:rolleyes:

[batonrougesooner]

I agree.

I try not to laugh at another's misfortune. My retirement account hasn't done too well lately either. Sht happens. It's up, it's down. That's the nature of the market.

Football is football. Entertainment and diversion. If this economy completely tanks (which I don't think it will) the least of our concerns will be who is beating who in the Big 12. It will make the Big 12 look rather small.

We pay millions to Stoops and Co. to win football games on Saturday. At the end of the day, who really gives a sht? It's just football. It's a freaking game. My life is no better or worse on Monday after an OU win or loss. It's just a game. Our obsession with this stuff is pathetic.

I'm not renewing my tickets for next year. This whole obsession is crazy.

edit :(I apologize...I'm drunk and thinking rationally. I'll probably recant this in the am.)

[MrJimBeam]

I have to say that the tone of this thread is a little disturbing. Why would anyone wish bad things on other schools or people.

There are probably a lot of individuals (not associated with OSU) that are losing their shirts is this crappy economic time. I guess we should probably laugh about that as well? :confused:

This whole line of rooting against the other guy and laughing at their misfortune is pretty aggieish IMO.

I guess that I just expect better of OUr fans. Like rooting for the Sooners, congratulating our opponents for their efforts (win or lose) and generally wishing well for everyone. I guess that I'm a little naive.

Thanks for doing OUr team proud here.:rolleyes:
DOUNT' LAFF AT MI MISSFORCHUN!!!1!!!11!![hairGel]

[OU_Sooners75]

I have to say that the tone of this thread is a little disturbing. Why would anyone wish bad things on other schools or people.

There are probably a lot of individuals (not associated with OSU) that are losing their shirts is this crappy economic time. I guess we should probably laugh about that as well? :confused:

This whole line of rooting against the other guy and laughing at their misfortune is pretty aggieish IMO.

I guess that I just expect better of OUr fans. Like rooting for the Sooners, congratulating our opponents for their efforts (win or lose) and generally wishing well for everyone. I guess that I'm a little naive.

Thanks for doing OUr team proud here.:rolleyes:


Well, Powerman5000 asked the question..."What will it be like when two worlds collide?"

Well, now at least we know what it is like when deregulation and corruption collide. :eek:

[Partial Qualifier]

Oh C'MON! BS to both of you, JWLynn and batonrouge. Who's the victim? Boone Pickens?? Please. It's not as if students or athletes are affected.

The only misfortune was done when the people were forcibly removed from their homes so OSU could build some wack-*** Athletic Village Fantasyland.

Funded, I might add, by a guy who's trying to make money under the guise of "purchasing a college athletic department". It was wrong from the beginning and I think we should LOL all we want at this situation.

[beer4me]

There is more to this than you are talking about on this thread.

http://ouinsider.com/forums/showthread.php?t=80208

[Blitzkrieg]

This is 100% funny because of the jerkoff aggy fans that thought this move finally made them big time.

Like mall of aggy hopes and dreams, this one wasn't real either. T Boone Pickens is a corporate raider and greenmailer that Michael Milken used as a shill, and it made him some good money. He was donating to a school and as was pointed out profiting at the same time.

At last they got the nice facade on teh rusted out erector set. Of course, a nice facade would be a good and accurate description of aggy atheletics anyway.

[Partial Qualifier]

This is 100% funny because of the jerkoff aggy fans that thouth this move finally made them big time.


bingo :)

[jwlynn64]

There is more to this than you are talking about on this thread.

http://ouinsider.com/forums/showthread.php?t=80208

Have to be a member to get to that page.

[Taxman71]

I don't know why anyone is shocked or aggy is offended by TBoone's influence over osu. Colleges are run by politicians these days and operate just like the government. Big donors, whether to a school or a campaign, always garner influence in exchange, sometimes to the level of puppet master.

There are two institutions that will never stop begging for more money despite tax/tuition increases, governments and universities.

[badger]

Things that are funded by tax dollars will always be low paid and underfunded when it can be allowed (see schools, teachers and all the alike), so you can't blame OSU for taking Boone Tang's money. They needed him just as much as T. Boner needs control to feel complete or whatever.

What I will blame OSU for is not cashing in when oil was high. OSU Regents are still in charge as mandated by the state, not Thomas (yes, that is what the T stands for - and it begs the question "WHY GO BY BOOOOOONNNNE when your first name is THOMAS?!"). They had every right to ask for the money up-front so they'd have cash to back the construction plans.

There is one thing that may save this sinking ship still and it's something they haven't been able to rely on in the past that is a sure money maker: A winning football team. There is nothing in college athletics that generates the athletic department extra gravy like a winning football team. Most football teams lose money, yes, but not a winning one.

From this unexpected fortune of having an undefeated (at least until this weekend) team, they can expect higher ticket sales, higher ad revenue from televised games (should they allow television at home games any time soon, tee hee) and other related revenue from fan traveling to the Stillwater area via parking, on-campus sales, etc.

I don't want OSU's athletics to sink - I'm already paying for one bailout and I don't want the state to mandate another for Stilly - but there needs to be accountability for this boneheaded move to not cash in when stocks are high.

[Collier11]

I don't know why anyone is shocked or aggy is offended by TBoone's influence over osu. Colleges are run by politicians these days and operate just like the government. Big donors, whether to a school or a campaign, always garner influence in exchange, sometimes to the level of puppet master.

There are two institutions that will never stop begging for more money despite tax/tuition increases, governments and universities.

Because ONE SINGULAR person should not have that much influence

[tommieharris91]

There is more to this than you are talking about on this thread.

http://ouinsider.com/forums/showthread.php?t=80208

Is it the same as the first post in this thread?

http://www.orangepower.com/showthread.php?t=59507

If it is, I think actually believing it would be about the same as believing something Blobert Allen writes about OU.

[badger]

This is cited in many, many news reports now, not just OU Insider.

The money is gone. Proof will be out soon enough, because there isn't a media outlet in the area that won't be Open Records Requesting this shizzle after all the mainstream reports out now.

I am still demanding accountability. OSU isn't my university, but it's a state-funded institution and as such, if they were to pizz away $165 million of funding, we deserve to know what happened and how to prevent it in the future.

[Taxman71]

This is cited in many, many news reports now, not just OU Insider.

The money is gone. Proof will be out soon enough, because there isn't a media outlet in the area that won't be Open Records Requesting this shizzle after all the mainstream reports out now.

I am still demanding accountability. OSU isn't my university, but it's a state-funded institution and as such, if they were to pizz away $165 million of funding, we deserve to know what happened and how to prevent it in the future.

That is the biggest problem, osu is the land grant university for Oklahoma (along with Langston) which essentially makes it the most publicly-funded university in the state. They allowed their board of regents to violate state law by not consisting of a majority of farmers, then they let a single donor exercise dominion over the university and Stillwater. Not to mention the state may go into debt to match tboone's donations as required by state law. Finally, they fail to withdrawal all or part of their seed money when their investment more than doubled? Even Gordon Gecko would think that is over the top.

In contrast, the debacle at ORU doesn't really matter to me since it is a private school. I would feel bad for the current students and alums if their education/degrees were tarnished.

[1890MilesToNorman]

The Golden Rule:

Whoever owns the gold makes the rules!

It's been that way since the inception of man and Okie St is no exception.

[yermom]

they just broke even on the deal right?

boo hoo

if the greedy bastards weren't screwing with OU fans and tickets it might not be as funny

this conditional "gift" by Booger Pickins is a joke and a farce anyway

[badger]

ORU was truly a sad case, but it had a happy ending with the Hobby Lobby family coming to the rescue.

OSU doesn't have to have a bad ending (unless they don't consider their future bowl game and consider the OU-OSU game their ending, in which case, it will truly end poorly for the Pokes). They just need to get back their losses and have a checks and balances system in place to ensure that they don't ever lose this type of money via the markets ever again. Insure it, bank it, whatever, just never, ever lose it, because Pokes they may be, they are still state of Oklahoma students and their educational future is at stake when Regents and others play high rollers with millions.

Now, I know what Pickens defenders will say: It's athletics we're talking about, not academics, so what does kiddo education have to do with it? Well, considering that OSU is not an athletic department that's self sufficient, it has everything to do with it. Unlike OU, where academics are subsidized by athletics, OSU athletic debts will be covered by academic funds.

That, in itself, deserves a big ol' BOOOOOOOOOOOO. :mad:

[Collier11]

whats funny is that a most osu fans are casting it off as rumor, they really have a hard time with reality dont they

[badger]

whats funny is that a most osu fans are casting it off as rumor, they really have a hard time with reality dont they

Other cast off rumors include "OU beat OSU in football last year," "Tuition is going up nearly 10 percent," and "Your house isn't getting bulldozed for an athletic village that will never exist."

:D Those are merely the uneducated words of fairweather fan cheatin' gooners, whom Pokedom reminds you, never attended nor graduated from OU and shop solely at Walmart.

[Big Red Ron]

It's a shame after forcing those people out of their homes...Wow, no shiznit.

[badger]

Morte prima di disonore!

How bout "Morte prima di bills coming a'due?" for OSU :D

[Widescreen]

They just need to get back their losses

Which shouldn't be hard. If there's one thing OSU knows, it's losses.

http://img152.imageshack.us/img152/3881/rimshotemoticon8579774lx0.gif (http://imageshack.us)

[badger]

Which shouldn't be hard. If there's one thing OSU knows, it's losses.

Heh. :)

I will try to top you.

On the first, second, third, fourth, fifth and sixth days, God created everything. On the seventh day, God rested, but unfortunately, God snores. This created the Aggie lore known as "Poke Luck," the OSU equivalent of Sooner Magic.

It was through God's snoring that it was declared that OSU must lose more than it wins, but win it shall, to save you from coaching crucifixion and he blessed them with tirades that shall set them free from blame for giving up hundreds of yards on defense.

Thus snoreth the Lord, should Poke Luck cause OSU football to winneth, OSU must loseth in other areas of importance. Lo, it shall not be in wrestling, for none careth about wrestling. Thus snoreth the Lord, it shall be T. Boone Pickens' hedge fund and lose it shall to counter the winning, that shall be great, if only temporary.

Thus snoreth the Lord. Thanks be to God.

http://img152.imageshack.us/img152/3881/rimshotemoticon8579774lx0.gif (http://imageshack.us)

[picasso]

so is the school going to windmill power now?

[Big Red Ron]

so is the school going to windmill power now?
Hey Pic, is your new avatar one of your new creations? It's hard to see at that size. Any chance you could post a larger version? It looks really, really cool.

[setem]

I read about this when it was posted on OF but I am a little in the dark.

Are Poke athletics broke?

Can they finish the projects they have started?

Will those people that got forced out of their homes still get they are owed or is that money gone too?

[BoulderSooner79]

I heard the CU prez rejected the gift which pissed off all the CU fans obviously

I don't know the whole story, but CU established the Coleman center with the funds and it is used to develop computer technology to assist people with cognitive disabilities (not the medical school as I stated before). Nothing to do with the athletic dept., so the fans shouldn't get to involved. It's just a case of a gift turning out to be much smaller than advertised due to market conditions. But I don't think there were any questionable accounting tricks happening in this case - just bad timing.

[tommieharris91]

I read about this when it was posted on OF but I am a little in the dark.

Are Poke athletics broke?
Probably not. My guess is that the $300M they said they had turned back into something close to the $165M they started with. They really should think about liquidating that position soon, though, or they will likely lose significant portions of their donation.


Can they finish the projects they have started?
They say their indoor practice facility will have to be pushed back. Their stadium is fine, and I believe them. I bet a few other plans will be put on hold as well.


Will those people that got forced out of their homes still get they are owed or is that money gone too?
Dunno. If they already got their money they have nothing to worry about. It would get really bad if osu defaulted on their agreement, though, as in the Oklahoma economy would collapse because oil is at like $50/bbl and nat. gas is somewhere around $3.00/1000ft^3.

[Blitzkrieg]

If I am not mistake, we are talking futures, not stock. These losses don't come back, they are literally gone.

[badger]

I am not outraged (yet) because I don't know the entire story (yet), but odds are that when the entire story comes out, I will be (quite) outraged and (quite) pizzed at how much OSU effed itself up the ayyyyye and how much the state of Oklahoma will have to effing uppp its paaaaaay to get the Pokes out of this mess.

[badger]

Oh and check out a funny video here (http://www.cbsnews.com/stories/2008/10/23/60minutes/main4541322.shtml) of John Kerry shunning T. Boone at the DNC.

It's like Boone wants to shake his hand, but Kerry bypasses him right for the media guy.

[NormanPride]

Why isn't that wonderful Tulsa World paper doing stories on this? I know if it was OU this crap would be plastered all over the place.

[stoopified]

The ags proably won't go with windpower but instead use large wheels powered by sheep.This would serve a two-fold purpose: 1) the sheep-powered tradmills provide power and the sheep provide DATES fro the male student population.

[cjames317]

Did Pickens' deal with the pokes happen to include any Oklahoma water rights? He's buying them up in Texas. Interesting how he now preaches for non-fossil fuel energy while sucking our land's life blood.

[Soonerfan88]

TBP said in an interview 2 weeks ago that the original $165M was still there plus a little more. But the markets haven't exactly been stable the last 2 weeks and energy prices continue to fall, causing the fund to lose more money. It is very possible that BP Capital funds hit a margin call and have been liquidated and OSU now has $0.

Even if the original $165M is safe, OSU (stupidly) took out loans to pay for the stadium construction and the village land for $200-300M. If the $$$ in the hedge funds was used as collateral for those loans, it's fallen far enough that the bank can call the loans. Sounds as if there is not enough left to cover the full amount (which doesn't include what they still owed for GIA) so they now have less than $0.

[KingBarry]

TBP said in an interview 2 weeks ago that the original $165M was still there plus a little more. But the markets haven't exactly been stable the last 2 weeks and energy prices continue to fall, causing the fund to lose more money. It is very possible that BP Capital funds hit a margin call and have been liquidated and OSU now has $0.

Even if the original $165M is safe, OSU (stupidly) took out loans to pay for the stadium construction and the village land for $200-300M. If the $$$ in the hedge funds was used as collateral for those loans, it's fallen far enough that the bank can call the loans. Sounds as if there is not enough left to cover the full amount (which doesn't include what they still owed for GIA) so they now have less than $0.

Good lord, can that possibly be true? Almost all the information I have on this is from fan boards, and the only real reporting I have seen is from the sports pages, so I don't really know anything about this. Color me eager to learn more, from reputable financial/political sources.

But 88, if what you say is true, bejeses, could people go to prison for that? They certainly should go to "stupid prison" for running their mouths when the fund almost doubled. Most any maroon, IN OKLAHOMA, should have some clue about how oil markets work.

For crying out loud, the oil bubble of the 70s and 80s occured because all these half-baked theorists were running around, many for purely political reasons, screaming that we were "running out of oil". Well, the world was NOT running out of oil, never had been running out of oil, and the doom and gloomers were either charlatans or ill-informed amateurs.

Then here we are 20 years later and it's like nobody took those classes.

I no longer pay taxes in Oklahoma so I don't have a fiduciary interest in this case. It's just that the ineptitude of this whole ag fiasco is just embarrassing.

When one of the state's two flagship universities gets caught in complete financial and administrative incompetence it further erodes our already very poor image.

And rightfully so. Why the State of Oklahoma can't get some reasonable controls put in place in Stillwater I do not know.

[rainiersooner]

What I will blame OSU for is not cashing in when oil was high. OSU Regents are still in charge as mandated by the state, not Thomas (yes, that is what the T stands for - and it begs the question "WHY GO BY BOOOOOONNNNE when your first name is THOMAS?!"). They had every right to ask for the money up-front so they'd have cash to back the construction plans. I don't want OSU's athletics to sink - I'm already paying for one bailout and I don't want the state to mandate another for Stilly - but there needs to be accountability for this boneheaded move to not cash in when stocks are high.

Well my guess is that the pursuant to the contract by which TBP gave the stock to the University, they did not have the option to liquidate. Does anyone have info on that? Otherwise, we're just speculating....but, other than my interest in the financials of it: screw 'em, it's the Cowpokes!

[beer4me]

Is it the same as the first post in this thread?

http://www.orangepower.com/showthread.php?t=59507

If it is, I think actually believing it would be about the same as believing something Blobert Allen writes about OU.


No it is not tommie. That on OP is a cut and paste of the original article that was written by the guy that actually wrote the article and posted on the OU forum. He has several updates as this is a developing story. The OP forum is nothing more than a denial thread.

The HF is only part of the problem. The fact is that osu borrowed money on the HF to build, now margin calls are coming in and osu has no money to pay back the loans.

Go to the OU insider Owen Field forums and just sign up for an account only takes 2 minutes no big deal. There are 2 different threads that go into details, the titles of the threads if you don't want to go through everything are:

Latest on OSU's Boone Dogle . . . It Can't Get Worse

Hedge Funds Continued...

BOOMER SOONER

[Blitzkrieg]

aggy still thinks this a "gooner" conspiracy. Where is the Tulsa World, covering Jenks or Union football? I'd liek to see some use of the freedom of information act and a few other means that would make a state school open their books and fess up.

http://www.texasmonthly.com/blogs/burkablog/?p=1575

[NormanPride]

Local papers are looking into this, but it takes time to get all the open records requests filed and returned before they can report facts rather than rumors or weird quotes from unreliable sources.

[badger]

Unreliable source = Mike Gundy.

and T. Boone himself :D

<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/lL6wfQepNvY&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/lL6wfQepNvY&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>

And no, it isn't just a repeat of "that" video :)

[HoustonSooner23]

Windmills on the goalposts? Good thing the Tech game is in Lubbock!

[Big Red Ron]

Why isn't that wonderful Tulsa World paper doing stories on this? I know if it was OU this crap would be plastered all over the place.
Great point.

[StoopTroup]

So is it alright when they call us Gooners...to return serve them "Whatever Booner"?

[Phil]

An Aggy friend of mine who actually lives in the belly of the beast up there told me word on the street is that all the profit is gone, and all that's left is the original money. That's bad enough, of course.

[Big Red Ron]

An Aggy friend of mine who actually lives in the belly of the beast up there told me word on the street is that all the profit is gone, and all that's left is the original money. That's bad enough, of course.http://blog.unidot.net/wp-content/uploads/2007/11/haha_simpsons.jpg

[tommieharris91]

An Aggy friend of mine who actually lives in the belly of the beast up there told me word on the street is that all the profit is gone, and all that's left is the original money. That's bad enough, of course.

If they used the money in the fund as collateral for leverage, and used the loan to build their Orange Wonderland, then they are in trouble. I keep seeing on the various boards that they used $200M in margin to start building their new place. Now, I have a degree from OU, so the aggies and other people who are smarter than me might have to correct my math, but last time I checked, $165M-$200M=(-$35M). Also, one of Boone's hedge funds has lost 84% YTD. :eek: If they had their money in that fund when their position was valued at $300M, then $300M*.16=$48M, well short of the $200M that they had leveraged to built their bright orange house of ugly. By my calculations, they are fairly in trouble.

[badger]

If they used the money in the fund as collateral for leverage, and used the loan to build their Orange Wonderland, then they are in trouble. I keep seeing on the various boards that they used $200M in margin to start building their new place. Now, I have a degree from OU, so the aggies and other people who are smarter than me might have to correct my math, but last time I checked, $165M-$200M=(-$35M). Also, one of Boone's hedge funds has lost 84% YTD. :eek: If they had their money in that fund when their position was valued at $300M, then $300M*.16=$48M, well short of the $200M that they had leveraged to built their bright orange house of ugly. By my calculations, they are fairly in trouble.

Your math is sound in my opinion... but I'm not a math major, so what do I know? :P

While I would like to LOL@aggie misery, I am leaning more towards :eek:@aggie misery because we all know the Poke football team is not going to continue winning. They are going to lose this week, or the next, or both, and after that first loss the losses will pile up - and when Poke ball loses on the field, they lose with the stadium surrounding the field too, with less ticket sales, less merchandise sales, less concession sales... ugggggh.

For the state of Oklahoma's sake so that there's no Poke bailout, OSU needs to keep winning up until their final home game so that OSU fans will continue with their own version of a bailout. Please, for the love of gawd, OSU fans, give as much money to your alma mater as possible! It's quite obvious that T. Boner's money is no longer good.

[tommieharris91]

http://www.marketwatch.com/news/story/oklahoma-state-university-issues-statement/story.aspx?guid={6760866A-A848-42F3-8A61-6B29A9163358}&dist=hppr
(http://www.marketwatch.com/news/story/oklahoma-state-university-issues-statement/story.aspx?guid={6760866A-A848-42F3-8A61-6B29A9163358}&dist=hppr)
Who do you believe?

[OSUAggie]

http://www.marketwatch.com/news/story/oklahoma-state-university-issues-statement/story.aspx?guid={6760866A-A848-42F3-8A61-6B29A9163358}&dist=hppr
(http://www.marketwatch.com/news/story/oklahoma-state-university-issues-statement/story.aspx?guid={6760866A-A848-42F3-8A61-6B29A9163358}&dist=hppr)
Who do you believe?

BeanBag

[Soonerfan88]

To me it's very telling that they released a statement late Friday afternoon. This is very common for corporations who have bad news to report on quarterly/annual earnings and don't want to deal with any immediate fallout. Basically, they knew they had to say something but didn't want to answer any questions because then they might have to admit something negative.


While it is our practice to refrain from commenting on specific donor activity, the fund still has considerable assets and plans continue unabated to finish the west end zone, which is the cornerstone of transforming Boone Pickens Stadium into an exceptional college football venue. The west end zone project remains on schedule with an expected completion next summer. The OSU/A&M Board of Regents remain in complete support of our direction.

No one has said the stadium wouldn't be finished, just the rest of the athletic village. And exactly what is meant by "the fund"? Cowboy Athletics, INC which is Holder's old golf fund? TBP hedge fund? Why say "fund" when we are only asking about the $165M donation?

Further updates on this on OUI have indicated that Bank of America held the $200M loan and they forced the sale of the hedge shares to ensure they got paid. It appears there was at least $37M more put into BP Capital funds, to include the $20M from Sherman Smith and it was also used to pay off the loan.

What does this mean? The loans to construct the stadium have been repaid but others are still outstanding and the entire donation from both TBP and Sherman Smith are gone.

[OSUAggie]

No one has said the stadium wouldn't be finished, just the rest of the athletic village. And exactly what is meant by "the fund"? Cowboy Athletics, INC which is Holder's old golf fund? TBP hedge fund? Why say "fund" when we are only asking about the $165M donation?

meh

BeanBag was making claims that the holdings were "gone", which the statement clearly refuted. He also claimed the regents were "pissed", which was also clearly refuted. He was also making various claims along the lines of the Foundation's money being tied up in the fund and subsequently lost, which was reported as blatantly false in today's News Press. In fact, the Foundation made money this past fiscal year, while most Big 12 institutions had about a 5% loss. Also, 15% of the Foundation's holdings are cash, and are ready to purchase a lot of under-performing stocks.

Basically, 5% of the "article" was factual, while the rest of it was wild speculation that may or may not have been the result of "sources" making falty claims.


Further updates on this on OUI have indicated that Bank of America held the $200M loan and they forced the sale of the hedge shares to ensure they got paid. It appears there was at least $37M more put into BP Capital funds, to include the $20M from Sherman Smith and it was also used to pay off the loan.

There wasn't ever "a" loan. It's been widely reported that financing has been provided by a series of small loans. I have no doubt that some of the money in the fund has been withdrawn, but there are still an assload of assets in it.


What does this mean? The loans to construct the stadium have been repaid but others are still outstanding and the entire donation from both TBP and Sherman Smith are gone.

No. The original donation (which was a bit over $200 million) still exists, plus a bit more.

-----

By the way, Cowboy Athletics, Inc., is a bit different than Holder's old golf fund. Cowboy Athletics, Inc., owes Cowboy Golf, Inc. about $30 million. And Cowboy Athletics, Inc. is the "fund". It is solely for capital improvement projects. It had more than just the 165 mill in it (as in other donations earmarked for facilities).

[Collier11]

You are clueless, sometimes you have to face the truth...your money is gone and OU is better

[Piware]

Back to the mac and cheese for the Pokes. It's not like they are not intimately acquainted with being broke (see recent demise of OSU medical school) and should adjust quickly.

It was dirty money from the git-go as Boner used a donation tax deduction that was intended Hurricane Katrina relief. I guess all he heard was disaster relief and made his gift, complete with strings, to the Pukes. If they got the renovations to the Rust Bucket out of him, I say good for them. Perhaps now it's time to take what $$ they have left and run like Barry Sanders. If, that is, he will give it to them.

Given Boner's past history of being a corporate raider and leaving a wake of destroyed companies/careers in his wake, I am surprised they are "stunned Aggies". I don't applaud their misfortune. I simply don't care what happens to them as long as they don't come whimpering to the state taxpayers with their hand out (again).

[Fraggle145]

I have to say that the tone of this thread is a little disturbing. Why would anyone wish bad things on other schools or people.

There are probably a lot of individuals (not associated with OSU) that are losing their shirts is this crappy economic time. I guess we should probably laugh about that as well? :confused:

This whole line of rooting against the other guy and laughing at their misfortune is pretty aggieish IMO.

I guess that I just expect better of OUr fans. Like rooting for the Sooners, congratulating our opponents for their efforts (win or lose) and generally wishing well for everyone. I guess that I'm a little naive.

Thanks for doing OUr team proud here.:rolleyes:

F'em.

Team on the rise my ***.

[mustangsooner]

I have to say that the tone of this thread is a little disturbing. Why would anyone wish bad things on other schools or people.

There are probably a lot of individuals (not associated with OSU) that are losing their shirts is this crappy economic time. I guess we should probably laugh about that as well? :confused:

This whole line of rooting against the other guy and laughing at their misfortune is pretty aggieish IMO.

I guess that I just expect better of OUr fans. Like rooting for the Sooners, congratulating our opponents for their efforts (win or lose) and generally wishing well for everyone. I guess that I'm a little naive.

Thanks for doing OUr team proud here.:rolleyes:

Yeah I agree even though they are aggies. Its not like crude oil prices are not going to jump up again. Once that happens then they will be in pretty good shape. We will see $4 gas again really soon and BP stock will shoot back up. OPEC just cut production of crude oil 1.5 million barrels a day.

[Just A Visitor Here]

And a nice big "shut your pie hole" goes out to most of the posters on this thread.

Have a nice day:D

[tommieharris91]

Boone never should have had to give that school a bailout if he told the Pokes to be prudent with his money.

[tommieharris91]

http://www.cnbc.com/id/27413722

[yermom]

Boone never should have had to give that school a bailout if he told the Pokes to be prudent with his money.

it's more like he had to give a bailout because he wasn't prudent with their money...

[Soonerfan88]

meh

BeanBag was making claims that the holdings were "gone", which the statement clearly refuted. He also claimed the regents were "pissed", which was also clearly refuted. He was also making various claims along the lines of the Foundation's money being tied up in the fund and subsequently lost, which was reported as blatantly false in today's News Press. In fact, the Foundation made money this past fiscal year, while most Big 12 institutions had about a 5% loss. Also, 15% of the Foundation's holdings are cash, and are ready to purchase a lot of under-performing stocks.

Basically, 5% of the "article" was factual, while the rest of it was wild speculation that may or may not have been the result of "sources" making falty claims.



There wasn't ever "a" loan. It's been widely reported that financing has been provided by a series of small loans. I have no doubt that some of the money in the fund has been withdrawn, but there are still an assload of assets in it.



No. The original donation (which was a bit over $200 million) still exists, plus a bit more.

-----

By the way, Cowboy Athletics, Inc., is a bit different than Holder's old golf fund. Cowboy Athletics, Inc., owes Cowboy Golf, Inc. about $30 million. And Cowboy Athletics, Inc. is the "fund". It is solely for capital improvement projects. It had more than just the 165 mill in it (as in other donations earmarked for facilities).

Just to make sure you didn't miss the latest while making a new pitcher of kool-aid --- your money is GONE!!!! TBP took $202M ($165M from TBP, $20M from Smith & other $$) and turned it into $125M which is going to the bank to pay off loans. Oh, and there are still loans outstanding so TBP has pledged* another $63M just to get you out of debt. I repeat, your money is GONE!!!!!!




*no money has yet changed hands

[Fraggle145]

Your math is sound in my opinion... but I'm not a math major, so what do I know? :P

While I would like to LOL@aggie misery, I am leaning more towards :eek:@aggie misery because we all know the Poke football team is not going to continue winning. They are going to lose this week, or the next, or both, and after that first loss the losses will pile up - and when Poke ball loses on the field, they lose with the stadium surrounding the field too, with less ticket sales, less merchandise sales, less concession sales... ugggggh.

For the state of Oklahoma's sake so that there's no Poke bailout, OSU needs to keep winning up until their final home game so that OSU fans will continue with their own version of a bailout. Please, for the love of gawd, OSU fans, give as much money to your alma mater as possible! It's quite obvious that T. Boner's money is no longer good.

I'm not bailing out **** for them. **** em and let em suffer. I cant stand those bastards.

[JLEW1818]

I want to see a pic of Badger and NP

[tommieharris91]

Just to make sure you didn't miss the latest while making a new pitcher of kool-aid --- your money is GONE!!!! TBP took $202M ($165M from TBP, $20M from Smith & other $$) and turned it into $125M which is going to the bank to pay off loans. Oh, and there are still loans outstanding so TBP has pledged* another $63M just to get you out of debt. I repeat, your money is GONE!!!!!!




*no money has yet changed hands

The way I see it is that money is gone but they keep their stadium open.

[KingBarry]

I want to see a pic of Badger and NP

You and me both.

[Mixer!]

http://blog.regentjet.com/wp-content/uploads/2008/08/1animalhouse508.jpg
REMAIN CALM!
ALL IS WELL!

[OUTrumpet]

I want to see a pic of Badger and NP


Heh, several people on this board should have pics (I have several) but I would never post em without their permission.

[badger]

I want to see a pic of Badger and NP

I'm not gonna post it here, lest it end up on the fark board, but all that needs to be known is that Thomas is the tallest SoonerFans.com poster (only a few inches more and he would be among the tall end on the O-Line) and he will kick your arse if he hears that you are requesting a pic of me. I, however, am the shortest poster at SoonerFans.com (unless your kiddos borrowed your username when you weren't looking) and as such, anything you say that contradicts anything I say can be viewed as bullying.

You big meanie :P

And now, to make some statements sure to disputed:

1- OSU may not have lost all of their hedge fund money, but they sure as heeeeeellll lost all of their profits plus some.

2- They could have withdrawn the money from the hedge fund at any time, like they chose to when it dwindled to its final amount of around $125 mil, much less than the original amount.

2.5 - Unfortunately, $400 mil wasn't enough for Boonie and by extension, Holder, so they kept it in long after it should have been.

3- If the losses weren't substantial, T. Boner wouldn't be making another donation right about now, because Tang Boone Pickens is getting hit with substantial losses also.

4- Poone Bickens is da debil. Repent, oh sinners of orange clad-ness, or submit yourselves to eternal d@mnation, aka winning in nothing but wrestling.

Ok, so none of that was controversial, unless you are a resident Poke. If you are a resident Poke, I would surely welcome discourse leading into an avatar and sig bet I am guaranteed to win this year. :D